Soon there can be lesser tax with no input credit a plan for small Businesses

Soon there can be lesser tax with no input credit a plan for small Businesses

GST Composition scheme is a concept for specific category of small business whose turnover is Rs. 75 Lakh and below. The process to acquire GST Composition scheme has been closed on August, 16 will be available soon.   
In India there are millions of taxpayers opting for the scheme.  GST Council meeting will be in held Hyderabad on Sept, 9 2017.  Where, decision will be taken on small players. Since, under GST Registration there a lot of challenges that the small businessmen will not be able to handle easily. There is much time that has been spent for the evaluation of the Business model to comply with the requirements of the GST composition scheme.
Around 1 Million have registered under the GST Composition scheme till August,16 in comparison with stats of earlier deadline which was July,21 recorded as approximate 1,00,000.The total no. makes up 11 percent of the total population of the indirect taxpayers in India. Mainly GST Composition Scheme was introduced for traders, restaurants, small manufacturers and suppliers. Under the scheme One percent GST is levied on traders and per cent on manufacturers, and five per cent on restaurants.
Earlier the threshold was decided to be Rs.50 Lakh which was raised Rs. 75 Lakh afterwards. Taxpayers under GST Composition Scheme have to file GSTR-4 on a quarterly basis and an annual return in Form GSTR-9A, against three forms every month by others.
As per the current rules people not registered under the scheme register up to next year. Another statement has been made Revenue secretary that 1.1 million people had not completed their registration with the GST Network to urging to fill part-B of the form. Some of the people buying from a composition dealer will not be able to claim input tax.


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